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The countries of the European Union have agreed to promote the phasing out of fossil fuels at COP28.
It is part of the promise of the 27 to support and accelerate the energy transition before the climate summit to be held in Dubai next November.
Dependence and vulnerability
Faced with climate change, biodiversity loss, pollution and the consequences of the Russian attack on Ukraine, the EU maintains that our dependence on fossil fuels makes us vulnerable.
Market volatility and geopolitical risksas well as the environmental and climate impacts of greenhouse gas-emitting fossil fuels, are major concerns.
“The shift towards a climate-neutral economy will require the phasing out of fossil fuels,” the European Commission said in a text published last Thursday. Fossil fuel use should peak in the near future if we want to achieve climate neutrality, he adds, attributing a transitory role to natural gas.
“The EU systematically promote and call for a global breakthrough towards non-reduced fossil fuel-free energy systems well before 2050.
Have the countries of the world already agreed to phase out fossil fuels at COP27?
Fossil fuels were a contentious issue at COP27 held in Egypt last November. But the countries failed to reach an agreement on phasing out oil and gas after the intervention of oil-rich nations like Saudi Arabia. The commitment to “phase out” coal was reduced to “phase it out”.
The EU has now strengthened its position by calling for “a firm and just global transformation towards climate neutralitywhich includes the phasing out of coal in energy production.” As a first step, he proposes “an immediate end to all financing of new coal infrastructure in third countries“.
The end of fossil fuel subsidies
It also promises to promote a global elimination of environmentally harmful fossil fuel subsidies, while supporting the most vulnerable groups to carry out a just transition towards clean energy.
This raises hopes that this year’s COP summit could lead to a phase-out deal covering oil and gas as well as coal.
However, it could be overshadowed by the controversial decision of the United Arab Emirates to appoint chairman of the climate negotiations to an executive of an oil company.